Q: I want to transfer a balance and not make payments for a few months. Is this possible?
Your goal with a balance transfer is to pay off the debt before the intro rate goes away. So, if you can't make payments from the beginning of the transfer, this might not be the best option for you.
Keep in mind that there are other fees associated with balance transfers, as well. Balance transfer fees currently range from 2% to 5%. For example, with a 3% transfer fee on a $5,000 balance, you pay an additional $150. Be prepared to make minimum payments on the amount of your balance transfer plus the amount of the transfer fee.
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